The era in which the Marx was lived is very different from our own as well as in which many of the features of today’s society were beginning to take shape. The Marxian theory is not applicable directly to Under Developed Countries. Marx did not think about the problem of such poor countries. He talked of colonial exploitation and foreign backwardness of colonies but he never analyzed the problem of their development. Recently most of the Under Developed Countries are trying to develop their economies under the conditions of controlled capitalism, or mixed economy with planning as pre-dominant characteristic, hence the article tries to explain the relevance of Marx theory and thoughts.